Comprehending crop responses to water deficit at different growth stages is crucial for developing effective irrigation strategies. Different water deficit treatments (WDTs) were applied to the kiwifruit vines to investigate the effect of water deficit during different growth stages on the fruit quality, yield, and water productivity (WP); subsequently, the technique for order preference by similarity to an ideal solution method (TOPSIS) was employed to determine optimal treatments for kiwifruit cultivation. A total of 17 irrigation treatments were applied, including one control treatment (CTL, full irrigation) and four WDTs (denoted as D15%, D25%, D35%, and D45% respectively) during the bud burst to leafing (I), flowering to fruit set (II), fruit expansion (III), and fruit maturation (IV) stages. Results showed that WDTs during I, II, III, and IV decreased evapotranspiration (ET) over the whole growth period of kiwifruit vines by 1.2–3.8, 1.5–4.4, 4.7–14.3, and 6.9–21.3% compared with CTL, respectively. WDTs during stages I and II increased fruit volume (Vf) and fruit weight (FW), while exhibiting no significant impact on yield, WP, and chemical quality of kiwifruit. WDTs during stage III improved fruit firmness (Fn), total soluble solids (TSS), and titratable acidity (TA); however, it also caused severe reduction in Vf, FW, yield, and WP. Appropriate WDTs during stage IV significantly improved Fn, TSS, TA, vitamin C (Vc), and WP without compromising Vf, FW, and yield of kiwifruit. The IV-D25% treatment was determined to be the optimal treatment for improving fruit quality and WP of kiwifruit while maintaining yield, which increased TSS, TA, Vc, and WP by 9.1, 6.1, 19.2, 4.6%, respectively; the combination of D25%, D25%, full irrigation, and D25% treatments during stages I, II, III, and IV should be a viable irrigation strategy to simultaneously achieve high yield, quality, and WP of kiwifruit.